Its difficult to say without seeing the toad, but it looks like a prolapsed cloaca. Whatever you do, don't touch it and don't try to push it back in.
I've never seen this in a toad before but have seen it a number of times in reptiles. It is usually caused by stress and poor nutrition.
Its not definately a prolapsed cloaca ~ but it is not a normal occurance either.
It could correct itself, but this is something that is likely not going to end in a good way, so you should be prepared for that. If it doesn't work out for the better, my condolances in advance. Please keep me posted. Thanks, Leo
Skin & Scales